Settling the theory of saving
AbstractThere is no way around it: each theory rests on a tiny set of foundational propositions. Standard economics rests on behavioral axioms. After a long intellectual detour it should be clear by now that behavioral axioms are the wrong formal departure point. Being beyond repair, they have to be replaced by objective structural axioms. This paper deals with saving and its relation to investment and profit. It starts from the fact that there is no such thing as a real economy. Hence economic phenomena are only explicable as the outcome of the interaction of real and nominal variables.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 44479.
Date of creation: 19 Feb 2013
Date of revision:
new framework of concepts; structure-centric; axiom set; triangle theorem; income; profit; investment; productivity; time shift;
Find related papers by JEL classification:
- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
- C65 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Miscellaneous Mathematical Tools
- E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
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